• A federal choose in Florida dismissed a class-action lawsuit in opposition to Mark Cuban and the Dallas Mavericks that accused them of deceptive traders by selling Voyager Digital.
  • The ruling dismissed all allegations of securities regulation violations and shopper fraud “in its entirety,” leaving the plaintiffs with no path to refile the case in that courtroom.
  • The authorized motion stemmed from Voyager’s 2022 chapter following a broader crypto market crash triggered by the collapse of the Terra blockchain.

A proposed class motion accusing Mark Cuban and the Dallas Mavericks of deceptive traders by selling crypto lender Voyager Digital has been thrown out by a federal choose in Florida, in accordance with a press release from the defendants’ legal professionals.

Brown Rudnick, who represents Cuban and the Mavericks, stated US District Choose Roy Ok. Altman of the Southern District of Florida dismissed the case “in its entirety” on Dec. 30. 

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We couldn’t be extra happy with absolutely the proper consequence. I believe that the plaintiffs will think about submitting in one other jurisdiction. … I sit up for defending Mark and the Mavericks in any jurisdiction on this nation.

Steve Finest, lead counsel for Cuban and the Mavericks.

Voyager Lawsuit Dismissed

The criticism alleged violations of state securities legal guidelines and shopper fraud statutes and claimed Cuban repeatedly misrepresented Voyager earlier than the corporate filed for Chapter 11 chapter in 2022. The agency additionally stated the ruling leaves the plaintiffs and not using a path to refile the case in that courtroom.

Voyager collapsed through the 2022 crypto downturn, and on the time, it sought chapter safety after reporting about US$1.3 billion (AU$1.9 billion) in crypto property on its platform. The lawsuit was tied to broader fallout from that market crash, which adopted the collapse of the Terra blockchain. 

Terra’s failure worn out about US$40 billion (AU$61.2 billion) in market worth, and its founder Do Kwon was sentenced to fifteen years in jail earlier this month, as Crypto Information Australia reported.

Kwon pleaded responsible to conspiracy to defraud and wire fraud shortly after admitting he misled traders on TerraUSD’s depeg. Regardless of a US$4.55 billion (AU$6.7 billion) settlement with the SEC, the choose nonetheless imposed 15 years as a result of large scale of losses.

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The publish Judge Tosses Voyager Investors’ Lawsuit Against Mark Cuban Over Mavericks Crypto Deal appeared first on Crypto News Australia.